When you’re a sportsperson, a side hustle always comes in handy. About 60% of NBA players reportedly go broke within five years of retirement. Therefore, it is always safe to consider other ways of saving up. Several NBA stars either own a business or are investors in multi-million dollar companies. NBA legend Michael Jordan owns the Charlotte Hornets and is a co-founder of a tequila brand. His business acumen has what made him one of the richest athletes ever, despite retiring in 2003.

Among the active NBA players, Los Angeles Lakers star LeBron James seems to have the same business skills as His Airness. King James was officially announced a billionaire by Forbes in June 2022. Apart from being one of the best basketball players in the world, James is also a skilled businessman. The Lakers star co-founded SpringHill Company in partnership with Maverick Carter. The company was formed in 2020 after LeBron and Carter merged their previous three business under one label. In 2021, the company valuation was estimated to be a whopping $725 million.

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While LeBron seems to be doing well on his own, it wouldn’t hurt to borrow some business tips from Hollywood actress Reese Witherspoon. In fact, so could actor/comedian Kevin Hart and tennis star Naomi Osaka, who recently started a media company with LeBron’s help. While the three celebrities come for different backgrounds, all three of them are owners of media companies.

Reese Witherspoon’s business idea can help out LeBron James and others

Reese Witherspoon founded the media company, Hello Sunshine back in 2016. About five years later, in 2021, Witherspoon sold the company to Candle Media for $900 million. Entrepreneur and podcaster, Shaan Puri explained that due to shortage of content in comparison to distributors, the latter are willing to suffer losses for several years in order to make a profit later on.

Furthermore, Witherspoon’s company focused on the particular audience who were mostly neglected by majority of the media. Similarly, LeBron’s media company aims to empower the neglected community through their production house. Explaining more about Witherspoon’s business style, Puri said that in addition to producing content, Witherspoon’s company also has a book club. In her book club, the actress would announce a new book every month to their followers.

“She’s essentially market testing the books with her book club and making money there, and then using that leverage to get the rights to the book to make a show out of it, which she can then sell to the streaming platform… [It’s] an amazing model,” said Puri.

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Do you think LeBron should adapt the idea to boost his business? Let us know your thoughts in the comments section below!